2022 is coming to an end. As we wrap up a year that has been intense, Let us look back at what happened in the watch market and prepare for the coming year together.

Rollercoaster-like
Secondary Market Prices

2022 showed the most significant volatility in watch prices. The open-run craze that began during the pandemic and the unstoppable rise of the Rolex premium fever led to almost every watch being sold at a premium. Some models reached two to three times their pre-pandemic prices compared to 2019. The peak was reached in March of this year.

VIVER Index

However, At the end of this steep growth, A painful fall awaited. With the sharp interest rate hikes in the United States, Frozen consumer sentiment, And declines in asset values such as real estate, Stocks, And cryptocurrencies, Watch prices are also being rapidly adjusted.
Compared to the peak in March, There is now a difference of more than 30 percent.

Daytona 116500LN

40mm, White, Oyster

Sky-Dweller 326934

42mm, Bright Blue, Oyster

GMT-Master 2 126710BLRO

40mm, Black, Oyster

Submariner Date 126610LV

41mm, Black, Oyster

VIVER Index

It varies by model, But most have returned to the price levels seen during the explosive demand of 2021. However, It is worth noting that for some models, The price fluctuations are not that large. For example, The Submariner 126610LN, Which has always enjoyed steady popularity, Saw less than 15 percent price volatility this year.

For popular discontinued models, The price fluctuation is even smaller. The Submariner 116613LB (Blue and Gold), Which was just over 19 million KRW at the beginning of this year, Has maintained a price fluctuation of around 10 percent. This suggests that even in the turbulent secondary market, There is a clear support line for prices.

Submariner Date 126610LV

41mm, Black, Oyster

Submariner Date 116613LB

40mm, Blue, Oyster

The End of Open-Run?
Open-Call Craze Still Burning

With the news that used watch prices continue to fall, Attention is focused on this. Will prices drop below retail? Is demand for Rolex watches decreasing? Until 2021, News often featured photos of long lines in front of stores due to the open-run rush. Since March of this year, The system has shifted to an open-call method. Still, Open-call closes in the morning, And popular professional watches cannot be found in display cases. Only less popular high-priced models are occasionally available.

Both sellers and buyers seem to be waiting and watching the market. It is difficult to predict the future of prices. However, Demand for Rolex watches has not decreased, And their popularity remains strong.

Ongoing Watch Transaction Scams

Since last year, When the popularity of pre-owned watches soared, Scams related to watch transactions have continued to draw attention. The scams are becoming more severe and sophisticated, And there are quite a few sellers or buyers who have suffered losses.

Although these incidents do not always make the news, Many people still suffer losses in private transactions. The most common case is the deposit scam, Where only the deposit is received and the seller disappears. There are also cases where deals are canceled on the day after agreeing to a long-distance transaction, Or where the condition of the watch is not accurately described. These minor incidents, Where the loss is not large enough to report or prosecute, Are happening even more frequently.

The Birth of VIVER

In a private watch trading environment that is losing trust, There was a ray of hope with the launch of the VIVER service. Fair prices that everyone can agree on, Technology to support them, Safe delivery, And a fast and accurate payment environment. In 2023, VIVER will work even harder to provide a trustworthy watch trading service.
Wishing you a Happy New Year! Happy New Year :)